According to research by NRTC, Nigeria’s inflation rate increased no less than 67 times since June 2014.
When the suspended CBN Governor, Godwin Emefiele, assumed office in June 2014, the consumer price index, according to an analysis of the rate statistics provided by the Central Bank of Nigeria, was 8.2%.
However, as of April 2023, the nation is currently experiencing difficulty due to a 22.22 percent rate. May saw the highest rate in 17 years, up 0.03 percent to 22.41 percent.
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This indicates that while Emefiele was in charge of the apex bank, inflation increased by 14.02 percentage points.
A breakdown of the number of times inflation rose showed that it rose thrice between June and December 2014.
By 2015, the rate rose 10 times, except in July and October of that year.
Inflation rate became worsened in 2016 as Nigeria hit a double-digit figure of 11.38 per cent in February of that year, and inflation was on the rise throughout the year, rising 12 times.
The economy entered a recession in 2016, the first one under the suspended CBN boss.
The situation improved in 2017 as inflation only rose in July. However, it recorded different rates of decline in the same year.
The improvement was almost maintained in 2018 but inflation rose four times during the year, specifically in August, September, November and December.
By 2019, inflation rose six times, indicating Nigerians were paying more for their purchases.
Nigeria suffered another recession in 2020 as the COVID-19 pandemic adversely affected economical activities.
In the same year, inflation was on the rise from 12.13 per cent in January to 15.57 per cent in December.
The situation improved slightly in 2021 as inflation rose four times that year, precisely in January, February, March and December.
However, the improvement faded in 2022 as inflation rose 10 times except in January and December.
By the end of 2022, inflation had risen 63 times under the detained CBN apex bank boss.
It was further observed that inflation has been on the rise throughout 2023, from 21.82 per cent in January to 22.22 per cent in April.
This overall increase occurs despite the tightening monetary policies of the Central Bank of Nigeria to curb inflation.
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